Persistent Systems Limited — Credit Ratings, 07-07-2026: Credit Rating- Revision

ICRA has placed Persistent Systems' Issuer Rating of [ICRA]AA+ on 'Rating Watch with Negative Implications.' This action follows PSL's proposed debt-funded acquisition of Nagarro SE. ICRA highlights concerns regarding the significant increase in leverage (2.0-4.5x) expected to impact PSL's financial risk profile in the medium term.